Twin Cities Housing Market – August 2016

Twin Cities Housing Market Update for August 2016

Fall is in the air. According to the Minneapolis Area Association of Realtors August 2016 Report on the Twin Cities Area Housing Market, August ended with 7072 new active listings of homes for sale, a decrease of 6% month-over-month.

August total inventory levels sit at 13,933 homes on the market. Inventory is down 18.1% from the previous year, and inventory levels month over month are down 3.8%.

During August, there were 6382 sold listings which is a -5.5% decrease compared to the previous month. Home prices are holding steady this month. The average sold price for a single family home was $284,504 an increase from $281,599 last month, and 6.1% higher than a year ago.

With motivated buyers and the continuation of strong sales prices, fall proves to be a great opportunity to put your house on the market.